Can You Spot a Phishing Scam? 3 Common Scams and Red Flags

By WSFS Contributor | Published: October 2020

Every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be their bank. And in this time of expanded use of online banking, the problem is only growing worse.

In fact, the Federal Trade Commission’s report on fraud estimates that American consumers lost a staggering $1.9 billion to these phishing schemes and other fraud in 2019 — and the ongoing pandemic has only increased the threat. Imagine where we are in 2020.

It’s time to put scammers in their place. Online scams aren’t so scary when you know what to look for.

And at WSFS Bank, we’re committed to helping you spot them as an extra layer of protection for your account. We’ve joined with the American Bankers Association and banks across the country in a nationwide effort to fight phishing—one scam at a time.

We want every Customer to become a pro at spotting a phishing scam—and stop bank impostors in their tracks. It starts with these four words: Banks Never Ask That.

Because when you know what sounds suspicious, you’ll be less likely to be fooled. These top 3 phishing scams are full of red flags:

• Text Message: If you receive a text message from someone claiming to be your bank asking for your personal information, it’s a scam. Banks never ask that.
• Email: Watch out for emails that ask you to click a suspicious link or provide personal information. The sender may claim to be someone from you bank, but it’s a scam. Banks never ask that.
• Phone Call: Would your bank ever call you to verify your account number. No! Banks never ask that. If you’re ever in doubt that the caller is legitimate, just hang up and call the bank directly at a number you trust.

You’ve probably seen some of these scams before. But that doesn’t stop a scammer from trying.

For more tips on how to keep phishing criminals at bay, including videos, an interactive quiz and more, visit www.BanksNeverAskThat.com.And be sure to share the webpage with your friends and family.

You can also check out the Related Resources below for even more tips from your WSFS experts to help keep your personal and business banking accounts secure.